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Having been together with your partner for some time now and both of you are about to step/ have stepped into the working world, you might have even started daydreaming about starting a family with him or her.
If you did, you might have already had plans to start discussing and planning finances with him or her!
While it can be indeed daunting to start this discussion, it is an important one to have so that you two could build a financially stable future together.
The earlier you start, the better.
If you are unsure what to say or discuss, read on!
1. Set Common Goals Together
Where do you see yourselves in 3- or 5-years’ time? When do you wish to own a house with your partner? Do you want your first child in the next 5 years?
Questions like these are important to answer as you two will need to identify your goals before you two can develop an action plan to work towards. At the very least, have a rough idea and then adjust along the way.
2. Understand each other’s spending habits
Being together for some time, you might have already taken notice of how your significant other spends his or her money.
His “needs” might be perceived as your “wants” and vice-versa.
Ideally, you two should be on the same page when it comes to most of the “needs” and “wants”. This is crucial as you and your partner’s financials will begin to merge as you start a family with him or her.
Having understood your SO’s spending habits, it would be easier to come up with an action plan to achieve you guys’ goals.
3. Establish a Budgeting Plan
This is the part where you need to get a little “mathy”. With an income coming in every month, there are certain things you need to pay and/or save, and there are also certain things you want to buy to pamper yourself.
Hence, with the goals that you have set with your partner, you would need to also establish a realistic budgeting plan that both you and your partner can agree on.
There are available tools and strategies on the internet on how you can budget as a couple. However, click on this link if you would like to skip the research and/ or have a budgeting plan that is more catered to you and your partner!